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Annual Report 2009
Steen & Strøm saw growth in retail sales at its shopping centers in 2009, in addition to growth in rental income. However, negative value adjustments of shopping centres and projects decrease profits.
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It was invested NOK 1 821.9 million in 2009, mainly on projects at existing shopping centres.
Recorded assets amounted to NOK 26.6 billion as of 31.12.2009, while group net interest-bearing debts amounted to NOK 15.6 billion. The book equity to-assets ratio amounted to 27.3 %.
Steen & Strøm has a solid financial foundation based on attractive shopping centers with longterm rental contracts mainly with large retail trade operators as tenants. |
Other highlights:
• Retail sales rose by 1.6 % at shopping centers managed by Steen & Strøm. For comparable floor space, there was a decline of 0.4 %. Comparable figures on a national basis were 1.5 % in Norway, 0.6 % in Sweden and -4.1 % in Denmark, respectively.
• The shopping centers saw an increase in rental income of 6.7 % in 2009 compared with 2008.
• Operating profits for the shopping center business increased from NOK 1 077.8 million in 2008 to NOK 1 155.5 million in 2009.
• Value adjustments of the shopping centers and projects amounted to NOK -735.7 million in 2009 compared with NOK -568.0 million in 2008. The valuation of the shopping centers is based on an average yield of 6.3 %.
• The average loan interest rate was 3.9 % in 2009 compared to 6.0 % in 2008.
Download Annual Report 2009 (pdf).
Nordahl Tove Lise
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